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Chinese Yuan Weakens

January 11, 2017 Author: Gaurav Shingala
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Chinese yuan weakens to 6.3655 against USD Friday
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The central parity rate of the Chinese currency renminbi, or the yuan, weakened one basis point to 6.9235 against the US dollar on Wednesday, according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day, Xinhua news agency reported.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

IANS

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